Rising oil, positive background to push Russian stocks up

MOSCOW, Sep 1 (PRIME) -- Russian stocks may increase at the opening on Thursday backed by growing oil prices and moderately positive foreign background, analysts said.

“We expect the Russian stock market to open at around 1,975 points at the MICEX index, assuming that this stock indicator may win back losses suffered over last few days if the foreign background improves,” Oleg Shagov, head of investment company Solid’s research department, said.

The ultimate influence of key external factors that have an impact on the Russian financial market is moderately positive at the beginning of the day, Shagov said. Brent oil futures are growing on released data indicating growth of activity in the Chinese production sector and Saudi Arabia’s statement that it plans to raise oil production to maximum volumes.

The U.S. stock index futures are increasing, while leading Asian stock indicators are not showing single dynamics.

The stock market dynamics will depend on oil prices, the situation on Western floors, and the ruble rate.

Vitaly Manzhos, a senior analyst at Bank Obrazovanie, expects the MICEX index to open with a moderate increase of around 0.3%, at 1,975–1,980 points.

Meanwhile, Olma senior analyst Anton Startsev expects that the RTS index can decrease at the opening.

“The technical analysis data keeps a possibility that downward correction of the RTS index will deepen. The growth of crude oil reserves in the U.S. remains a factor of pressure on oil quotations and does not so far allow us to call the foreign background favorable for the Russian market,” the analyst said.

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